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Apr 24, 2011

Herman Cain’s 5-point plan.

The official entry of Gary Johnson into the contest makes him my sentimental favorite. He is the guy I would back, as he is pretty close to my idea of a great libertarian Republican. If he can gain traction, which will require him to have the press get over their fascination with the issue of legalizing marijuana to sufficient degree to allow other policies to be highlighted, he would be my clear favorite.

I am not particularly enamored with any of the people who stood last time, at least those who seem to be in the race. Cain and Trump are complete outsiders and are both successful businessmen, which should be a pretty great qualification in the race. Trump gained some traction with an aggressive campaign, challenging Obama on a number of fronts.

Trump however has turned out to be a piece of crap who supports eminent domain, thinks the Kelo decision was great, and has used ED to enhance his business. This puts him and the government in each other’s pockets; in short he is a crony capitalist who believes that government decisions that he can gain from are OK. The last thing the US needs in the White House right now is another authoritarian.

This leaves Herman Cain. The following is from his newsletter with the odd comment from me:

This week, Herman Cain rolled out his five-point tax plan at events around the country. In a time when President Obama is calling for tax hikes on hardworking Americans and small businesses, Herman believes it's time to lower taxes to supercharge our economy. Here's what he thinks we should do:

Eliminate the taxes on repatriated profits, which are earnings of American-based multinational companies that sit in bank accounts overseas to avoid double taxation for bringing their profits back to the U.S.
With this money already taxed in the country of origin, it is entirely unreasonable to tax it as American earnings. Cain has mentioned elsewhere figures of around a trillion dollars, which if repatriated would create huge employment generating investment in the USA. Removing obstacles to its potential benefits to the economy needs doing.
Make the current tax rates permanent. Families and businesses do not plan for two years at a time!

Reduce the corporate income tax from 35 to 25 percent, with the potential for additional incremental decreases over time.
Lower rates give the incentive to invest locally rather to look overseas for countries which offer a better climate for investment. This would boost local investment.
Eliminate the tax on capital gains and their dividends.

Suspend payroll taxes for both employees and employers for one year.
There is probably no worse tax, especially during a time of high unemployment than a tax on payrolls. It is just the most incredibly irresponsible and stupid idea ever mooted for revenue raising.

Cain is currently doing a tour of all states and making a big impression wherever he goes. He is an impressive person and could be a great nominee. My feel is that he has the presence, gravitas, and knowledge to smash Obama in 2012.


  1. Hadn't heard of Cain. Certainly sounds economically libertarian, but is he also a social libertarian?

  2. With more experience, Cain could become a real political figurehead for the conservative and libertarian movements. The Tea Party has certainly embraced him though.

  3. I haven't tracked down a detailed idea of his positions on the social stuff. I had a look early on when he mentioned at one of the Republican gatherings that there could be a dark horse in the race. I didn't find much but haven't really chased it up since.

    My position at this stage is that the US badly needs some fiscal responsibility as a priority with hopefully some social liberty carried along with it. Herman is certainly economically libertarian but the two don't always run together.

    Mostly though, those who tend towards economic freedom but are authoritarian on social issues are right wingers and he doesn't strike me as one of these.

    A great sign though is that 'Objectivist' below you seems to think well of him. If those people approve of you then you must be on the right track.

    Objectivist; thanks for dropping in.

  4. Herman Cain is a native Georgian, and has been a fixture on Atlanta talk radio for many years. He ran a statewide campaign for senate a few years ago so he has statewide name recognition in Georgia.

    I heard him tell his life story on his last radio show before he started his presidential exploratory committee. After graduating from Purdue he worked for the Navy designing fire suppression systems. He moved up the ranks at Coca Cola, Pillsbury, and Burger King. He also served as head of Godfather's Pizza, the National Restaurant Association, and chairman of the Federal Reserve Bank of Kansas City.

    He turned money losing units of both Burger King and Pillsbury into money makers. Many people find him a very attractive candidate because of his take-change, results-oriented business experience. Mr. Cain is famous for skewering Hillary-care, the forerunner of Obamacare, in a question and answer session with Bill Clinton at a nationally televised town hall meeting.

    Mr. Cain is a very smart guy. I met him a few years ago. I like him. He is personable. He is sincere. He cares about America. He is not a Washington insider. That is what so many like about him.

    But Mr. Cain is a Fed insider.

    I like Mr. Cain, but not as a candidate. A vote for Mr. Cain is is a vote for the Fed. It is a vote for continued fiat money and debt enslavement for our children and grandchildren.

  5. I have seen little in his positions so far to read as "fed insider."